Paying in more than estimated

Sea_Shell

Most banks these days ask you how much you expect to pay into your new current account, during the application.

What happens, if anything, if you've under estimated and exceed this amount, fairly significantly.

Eg from a maturing fixed saver, elsewhere, or an inheritance or large gift.

Or an increase in "earnings".

Nationwide asked if you expect a REDUCTION in income, but not an increase.

I forgot I'd be starting drawdown later this year, which will add £12kpa to the throughput on the account.  Not to mention my TFLS 😱.

Am I overthinking this, and should I let them know?

Shakin_Steve

If the bank have questions about your deposits, which I very much doubt, they will ask. I would imagine the question they ask on application is more about whether your deposits wouldn't be enough for them to sell you lots of additional products.

eskbanker

I've never declared changes in income to banks - they'll see them soon enough and could theoretically decide to take action if you were somehow in breach of any account terms, but I can't realistically see it happening.

It would be more of an issue if you were making multiple applications for products over a short period and used different figures for earnings, etc, as these are the sort of anomalies that are likely to ring alarm bells.

Peter999_2

It's just the regulator trying to get the banks to "know your customer".  None of it really matters - life is full of surprises and changes.    Also lets them give you "investment" advice if they think you have disposable spare money.

Shakin_Steve

Barclays has a section on the front page of the app where you can update your personal details, including income. I'm sure other banks would have something similar.

mwarby

Sea_Shell said:

Nationwide asked if you expect a REDUCTION in income, but not an increase.

They don't want to be offering you a overdraft/loan/credit card if your income is about to drop, without understanding the situation further. I wouldn't expect them to offer credit at least initially if your income is about to drop

Sea_Shell

Shakin_Steve said:

Barclays has a section on the front page of the app where you can update your personal details, including income. I'm sure other banks would have something similar.

I don't think Nationwide offer that as editable info, from what I can see.

They seem to have picked up my old works telephone number from an old application, which you can edit, but not remove! 🤦🏼‍♀️

Sea_Shell

mwarby said:

Sea_Shell said:

Nationwide asked if you expect a REDUCTION in income, but not an increase.

They don't want to be offering you a overdraft/loan/credit card if your income is about to drop, without understanding the situation further. I wouldn't expect them to offer credit at least initially if your income is about to drop

I understand why they would want to know about reductions.

Does that mean they are not bothered in the slightest about MORE money being paid in?

Shakin_Steve

Sea_Shell said:

mwarby said:

Sea_Shell said:

Nationwide asked if you expect a REDUCTION in income, but not an increase.

They don't want to be offering you a overdraft/loan/credit card if your income is about to drop, without understanding the situation further. I wouldn't expect them to offer credit at least initially if your income is about to drop

I understand why they would want to know about reductions.

Does that mean they are not bothered in the slightest about MORE money being paid in?

If it's coming from the sources you mentioned, and not from your African cousin, I shouldn't think there'd be any concerns.

badger09

As above. It will be obvious where those additional deposits are coming from so shouldn’t raise any red flags. Also, you could simply have changed your mind about which account to pay your income into. 

Momogeew

I too applied for a new bank account, same question asked on the application, my, cash, deposits took me over their annual deposit figure and it exceeds their limits re anti money laundering stance and so no account granted.